Klug Law Office PLLC provides comprehensive estate planning for individuals, couples, families, and family businesses. A well-conceived estate plan is the only way to protect your assets from substantial estate, income, and excise taxes. Having worked hard for your family, planning for their long-term well-being and financial security will give you comfort that you have fulfilled your obligations to them.
Our services include:
- Estate Planning * Powers of Attorney
- Estate and gift tax issues * Estate and gift tax planning
- Wills * Irrevocable Trusts
- Living trusts * Offshore Trusts
- Medical Directives (living wills) * Asset protection planning
Tax planning is a critical part of estate planning. Our firm incorporates effective, practical tax savings strategies in all of our estate plans and trusts. Our goal is for you to have an estate plan that you understand and that will cover all future needs.
Our office provides comprehensive succession planning for family businesses. We work with clients to preserve the value of their businesses in order to pass the business and its value to future generations. Our office concentrates on creating solutions that best meet the future goals and objectives of our clients.
Klug Law Office PLLC understands the importance of preserving our clients’ wealth to pass the wealth from one generation to the next. We take the time to fully understand our clients’ unique needs and objectives. Our personalized approach to each client allows us to structure and design wills, trusts, and other estate planning documents that best serve the clients’ personal and financial goals.
International Estate Planning
Klug Law Office PLLC has extensive experience in advising US citizens with dual or multiple nationalities, especially those living outside the US, and their families with their unique estate planning challenges. Our office coordinates global estate planning for US, foreign and multinational families. Many of our clients have assets abroad and our office coordinates their estate planning with local counsel in those jurisdictions. Our office also represents foreign clients with US business interests and/or family members in the US. Klug Law Office PLLC works with these clients in structuring their US investments to maximize US tax advantages and advise them on tax-efficient methods of transferring those investments to succeeding generations. Our office has established a strong network of international lawyers, accountants, and financial professionals operating across the globe to support our wealth and estate planning practice.
If you are immigrating to the US, pre-immigration tax planning can reduce US federal taxes on income, gifts, and estates. The US taxes its citizens and residents on their worldwide income. Similarly, US citizens and residents domiciled in the US are subject to US estate and gift taxation on their worldwide assets. For wealthy individuals, there are opportunities to engage in income, estate, and gift tax planning prior to immigrating to the US to reduce their exposure to US income, estate, and gift taxation. For someone with non-US assets or ownership interest in non-US companies, there are certain elections and other considerations that should be contemplated prior to immigrating to the US to avoid adverse income taxation.
Upon the creation of a trust by a grantor, the operation of the trust is handled by the trustee. The trustee will manage the investments of the trust and make distributions to the beneficiaries according to the provisions of the governing trust document. Trust administration requires careful attention to the provisions of the trust document and detailed and accurate accountings to account for the trustee’s actions. Klug Law Office PLLC guides trustees through their administrative duties, timing of distributions, and prepares accountings and fiduciary income tax returns to ensure the trustee is in compliance with their obligations both legally and under the provisions of the trust.
Klug Law Office PLLC represents trustees administering trusts of multinational families with assets in multiple jurisdictions. Dealing with the laws of more than one nation is complex, it is important the trustee is properly advised to ensure compliance with all of the trustee’s responsibilities and to avoid any traps. Klug Law Office PLLC has extensive experience working with trustees of domestic and international trusts that hold assets in multiples jurisdictions, including closely held foreign companies, and our firm is well suited to guide such trustees through the steps to make distributions, comply with each countries laws, prepare proper accountings, and handle or coordinate any required tax filings.
Corporate Trustee Representation
Klug Law Office PLLC represents financial institutions that serve as trustees of trusts typically with significant assets. Our firm represents corporate trustees to ensure they follow all of their legal obligations in the administration of the trust. Klug Law Office PLLC is also experienced in handling complicated fiduciary income tax returns including trusts with multiple shares or trusts with foreign beneficiaries.
Klug Law Office PLLC represents corporate trustees of trusts with foreign beneficiaries, which can significantly complicate the administration process. For example, it is typical for trusts to have a provision stating the corporate trustee is responsible to ensure the payment of inheritance taxes. The US and almost all states in the US do not impose an inheritance tax, but with the exception of common law countries like Canada and the United Kingdom, most other countries around the world are civil law countries and impose an inheritance tax. An inheritance tax is a tax on the recipient of the assets from a trust or estate. For example, a country may require the payment of the inheritance tax while the assets are still held in trust or require the trustee to make a special informational filing, the non-filing of which is typically subject to penalties in those countries. To further complicate matters, most civil law countries do not recognize the concept of a trust, so it is important for the trustee to understand how holding assets in the trust impacts the foreign beneficiaries. Through a network of professionals in countries around the world, our firm is able to coordinate legal opinions in the beneficiary’s resident country to ensure legal compliance, inheritance taxes are paid, and all required filings are completed.